Punch & Associates Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M COMPANY	COMMON STOCK	88579y101	2,073	12,614	SH		SOLE		12,614	0	0
A H BELO CORP COM CL A ISIN#US	COMMON STOCK	001282102	5,926	570,882	SH		SOLE		570,882	0	0
ACCENTURE PLC CLS A USD0.00002	COMMON STOCK	g1151c101	2,809	31,457	SH		SOLE		31,457	0	0
AGILYSYS INC	COMMON STOCK	00847J105	3,185	253,000	SH		SOLE		253,000	0	0
ALAMO GROUP INC	COMMON STOCK	011311107	6,087	125,665	SH		SOLE		125,665	0	0
ALCENTRA CAP CORP COM ISIN#US0	COMMON STOCK	01374t102	2,102	168,125	SH		SOLE		168,125	0	0
ALTISOURCE PORT SOLU F	COMMON STOCK	l0175j104	2,037	60,274	SH		SOLE		60,274	0	0
ALTISOURCE RESIDENTIALCORP COM	COMMON STOCK	02153w100	3,975	204,875	SH		SOLE		204,875	0	0
AMERCO COM	COMMON STOCK	023586100	6,414	22,562	SH		SOLE		22,562	0	0
AMERIPRISE FINL INC COM	COMMON STOCK	03076c106	4,506	34,071	SH		SOLE		34,071	0	0
ANTHEM INC COM ISIN#US03675210	COMMON STOCK	036752103	3,452	27,473	SH		SOLE		27,473	0	0
ARBOR RLTY TR INC	COMMON STOCK	038923108	5,555	820,601	SH		SOLE		820,601	0	0
ARES COML REAL ESTATECORP COM	COMMON STOCK	04013v108	4,112	358,200	SH		SOLE		358,200	0	0
ASCENT CAP GROUP INC COMSER A	COMMON STOCK	043632108	5,900	111,464	SH		SOLE		111,464	0	0
AWARE INC	COMMON STOCK	05453N100	2,204	485,393	SH		SOLE		485,393	0	0
BLACKROCK KELSO CAPCORPORATION	COMMON STOCK	092533108	5,435	662,835	SH		SOLE		662,835	0	0
BLACKROCK MUN TARGET TERMTR CO	COMMON STOCK	09257p105	2,760	137,372	SH		SOLE		137,372	0	0
BLACKROCK RES &COMM STRATTR SH	COMMON STOCK	09257a108	7,294	751,217	SH		SOLE		751,217	0	0
BLACKSTONE GSO STRATEGICCR FD	COMMON STOCK	09257r101	3,316	201,238	SH		SOLE		201,238	0	0
BLACKSTONE MTG TR INCCOM CL A	Miscellaneous	09257w100	5,174	177,553	SH		SOLE		177,553	0	0
BLACKSTONE/GSO SR FLTNGRT TRM	COMMON STOCK	09256u105	2,921	174,469	SH		SOLE		174,469	0	0
BLOCK H & R INC	COMMON STOCK	093671105	3,007	89,268	SH		SOLE		89,268	0	0
BOEING CO	COMMON STOCK	097023105	4,115	31,655	SH		SOLE		31,655	0	0
BSB BANCORP INC MD COM ISIN#US	COMMON STOCK	05573h108	3,233	173,554	SH		SOLE		173,554	0	0
CALAVO GROWERS INC	COMMON STOCK	128246105	4,615	97,568	SH		SOLE		97,568	0	0
CALLAWAY GOLF CO DELAWARE	COMMON STOCK	131193104	10,005	1,299,361	SH		SOLE		1,299,361	0	0
CARMIKE CINEMAS INC	COMMON STOCK	143436400	9,674	368,242	SH		SOLE		368,242	0	0
CASCADE MICROTECH INC	COMMON STOCK	147322101	5,112	349,900	SH		SOLE		349,900	0	0
CENTURYLINK INC	COMMON STOCK	156700106	4,959	125,302	SH		SOLE		125,302	0	0
CHEROKEE INC DEL NEW COM ISIN#	COMMON STOCK	16444h102	5,785	298,805	SH		SOLE		298,805	0	0
CHIMERA INVT CORP COM ISIN#US1	COMMON STOCK	16934q109	2,530	795,628	SH		SOLE		795,628	0	0
CIFC CORP	COMMON STOCK	12547r105	1,404	169,800	SH		SOLE		169,800	0	0
CINCINNATI BELL INC NEW	COMMON STOCK	171871106	3,258	1,021,357	SH		SOLE		1,021,357	0	0
CINEDIGM CORPORATION	COMMON STOCK	172406100	376	232,000	SH		SOLE		232,000	0	0
CINTAS CORP	COMMON STOCK	172908105	4,135	52,719	SH		SOLE		52,719	0	0
CLOUGH GLOBAL EQUITY FDCOM ISI	COMMON STOCK	18914c100	5,264	363,528	SH		SOLE		363,528	0	0
CLOUGH GLOBAL OPPORTUNITIESFD	COMMON STOCK	18914e106	5,944	463,619	SH		SOLE		463,619	0	0
COCA COLA CO	COMMON STOCK	191216100	2,364	56,000	SH		SOLE		56,000	0	0
COHEN &STEERS CLOSED ENDOPPO C	COMMON STOCK	19248p106	3,824	290,697	SH		SOLE		290,697	0	0
COHEN &STEERS INFRASTRUCTURECO	COMMON STOCK	19248a109	7,886	347,100	SH		SOLE		347,100	0	0
CORENERGY INFRASTRUCTURETR INC	COMMON STOCK	21870u205	7,643	1,179,509	SH		SOLE		1,179,509	0	0
COURIER CORP COM ISIN#US222660	COMMON STOCK	222660102	3,852	258,151	SH		SOLE		258,151	0	0
CULP INC	COMMON STOCK	230215105	1,466	67,600	SH		SOLE		67,600	0	0
CVS HEALTH CORP COM	COMMON STOCK	126650100	5,530	57,423	SH		SOLE		57,423	0	0
D S T SYSTEMS INC	COMMON STOCK	233326107	3,760	39,936	SH		SOLE		39,936	0	0
DATALINK CORP COM ISIN#US23793	COMMON STOCK	237934104	6,302	488,528	SH		SOLE		488,528	0	0
DATAWATCH CORP COM NEW ISIN#US	COMMON STOCK	237917208	1,398	155,538	SH		SOLE		155,538	0	0
DEERE & COMPANY	COMMON STOCK	244199105	2,624	29,664	SH		SOLE		29,664	0	0
DESTINATION XL GROUP INCCOM IS	COMMON STOCK	25065k104	10,363	1,897,941	SH		SOLE		1,897,941	0	0
DIAMOND HILL INVESTMENT GROUP	COMMON STOCK	25264R207	1,160	8,400	SH		SOLE		8,400	0	0
DICE HLDGS INC COM	COMMON STOCK	253017107	5,923	591,703	SH		SOLE		591,703	0	0
DIGIRAD CORPORATION	COMMON STOCK	253827109	3,582	821,600	SH		SOLE		821,600	0	0
DOUGLAS DYNAMICS INC COMUSD0.0	COMMON STOCK	25960r105	8,915	416,023	SH		SOLE		416,023	0	0
EATON VANCE ENHANCED EQT	COMMON STOCK	278274105	3,430	248,740	SH		SOLE		248,740	0	0
EATON VANCE TAX ADVT DIVINCM C	COMMON STOCK	27828g107	5,830	280,298	SH		SOLE		280,298	0	0
ECOLAB INC	COMMON STOCK	278865100	679	6,500	SH		SOLE		6,500	0	0
ELECTRO RENT CORP COM ISIN#US2	COMMON STOCK	285218103	2,342	166,799	SH		SOLE		166,799	0	0
ENSTAR GROUP LIMITED SHS ISIN#	COMMON STOCK	g3075p101	6,180	40,423	SH		SOLE		40,423	0	0
ENTEGRA FINANCIAL CORPORATION	COMMON STOCK	29363j108	577	40,100	SH		SOLE		40,100	0	0
EXA CORP COM ISIN#US3006145003	COMMON STOCK	300614500	1,252	106,959	SH		SOLE		106,959	0	0
EXXON MOBIL CORPORATION	COMMON STOCK	30231g102	2,870	31,041	SH		SOLE		31,041	0	0
FARMERS NATIONAL BANC CORP	COMMON STOCK	309627107	846	101,361	SH		SOLE		101,361	0	0
FIRST BANK	COMMON STOCK	31931U102	1,322	211,821	SH		SOLE		211,821	0	0
FIRST BUSINESS FINL SVCSWIS CO	COMMON STOCK	319390100	7,019	146,499	SH		SOLE		146,499	0	0
FIRST SECURITY GROUP INC	COMMON STOCK	336312202	848	375,282	SH		SOLE		375,282	0	0
FISERV INC	COMMON STOCK	337738108	4,619	65,081	SH		SOLE		65,081	0	0
FIVE STAR QUALITY CAREINC COM	COMMON STOCK	33832d106	7,567	1,823,281	SH		SOLE		1,823,281	0	0
FLEXSTEEL INDUSTRIES INC	COMMON STOCK	339382103	2,935	91,000	SH		SOLE		91,000	0	0
FORD MTR CO DEL COM	COMMON STOCK	345370860	3,109	200,603	SH		SOLE		200,603	0	0
FRANKLIN COVEY CO COM ISIN#US3	COMMON STOCK	353469109	13,095	676,389	SH		SOLE		676,389	0	0
G S I GROUP INC NEW F	COMMON STOCK	36191c205	4,769	323,972	SH		SOLE		323,972	0	0
GDL FUND COM SH BEN IT ISIN#US	COMMON STOCK	361570104	5,091	497,700	SH		SOLE		497,700	0	0
GENTHERM INC COM	COMMON STOCK	37253a103	7,116	194,310	SH		SOLE		194,310	0	0
GUGGENHEIM SPINOFFETF	COMMON STOCK	18383m605	3,467	77,395	SH		SOLE		77,395	0	0
HACKETT GROUP INC COM	COMMON STOCK	404609109	8,453	961,634	SH		SOLE		961,634	0	0
HALLMARK FINL SVCS INCCOM NEW	COMMON STOCK	40624q203	1,272	105,194	SH		SOLE		105,194	0	0
HARVARD APPARATUS REGENERATIVE	COMMON STOCK	41690a106	754	237,162	SH		SOLE		237,162	0	0
HARVARD BIOSCIENCE INC	COMMON STOCK	416906105	2,045	360,651	SH		SOLE		360,651	0	0
HARVEST CAPITAL CREDIT CORPORA	COMMON STOCK	41753f109	1,014	87,906	SH		SOLE		87,906	0	0
HCI GROUP INC	COMMON STOCK	40416e103	1,872	43,300	SH		SOLE		43,300	0	0
HERITAGE FINANCIAL GROUP	COMMON STOCK	42726x102	2,776	107,200	SH		SOLE		107,200	0	0
HOME LOAN SERVICING SOLUTIONSL	COMMON STOCK	g6648d109	9,610	492,311	SH		SOLE		492,311	0	0
HOOKER FURNITURE CORPCOM ISIN#	COMMON STOCK	439038100	3,277	190,870	SH		SOLE		190,870	0	0
HORACE MANN EDUCATORSCORP NEW	COMMON STOCK	440327104	9,461	285,137	SH		SOLE		285,137	0	0
HORMEL FOODS CORP COM ISIN#US4	COMMON STOCK	440452100	4,250	81,575	SH		SOLE		81,575	0	0
INCONTACT INC COM ISIN#US45336	COMMON STOCK	45336e109	2,629	299,120	SH		SOLE		299,120	0	0
INTERNET PATENTS CORPCOM ISIN#	COMMON STOCK	46063g101	488	175,634	SH		SOLE		175,634	0	0
INTL FCSTONE INC COM ISIN#US46	COMMON STOCK	46116v105	11,402	554,283	SH		SOLE		554,283	0	0
INVENTURE FOODS INC	COMMON STOCK	461212102	5,251	412,185	SH		SOLE		412,185	0	0
INVESCO LTD COM STK USD0.20	COMMON STOCK	g491bt108	3,939	99,665	SH		SOLE		99,665	0	0
INVESTORS TITLE COMPANY	COMMON STOCK	461804106	1,932	26,500	SH		SOLE		26,500	0	0
ISHARES 1-3 YEAR TREASURYBOND	COMMON STOCK	464287457	249	2,950	SH		SOLE		2,950	0	0
ISHARES S&P 500 GROWTHETF	INDEX UNIT	464287309	16,371	146,696	SH		SOLE		146,696	0	0
ITT CORPORATION COM USD1.00	COMMON STOCK	450911201	1,520	37,571	SH		SOLE		37,571	0	0
J & J SNACK FOODS CORP	COMMON STOCK	466032109	7,757	71,312	SH		SOLE		71,312	0	0
JOHNSON & JOHNSON	COMMON STOCK	478160104	3,863	36,946	SH		SOLE		36,946	0	0
JOURNAL COMMUNICATIONSINC CLA	COMMON STOCK	481130102	14,116	1,235,005	SH		SOLE		1,235,005	0	0
JPMORGAN CHASE & CO	COMMON STOCK	46625h100	4,177	66,744	SH		SOLE		66,744	0	0
KIRKLANDS INC COM ISIN#US49749	COMMON STOCK	497498105	4,280	181,050	SH		SOLE		181,050	0	0
LIFETIME BRANDS INC	COMMON STOCK	53222Q103	1,202	69,875	SH		SOLE		69,875	0	0
LITHIA MOTORS INC CL A	COMMON STOCK	536797103	8,352	96,338	SH		SOLE		96,338	0	0
LRAD CORP COM ISIN#US50213V109	COMMON STOCK	50213v109	839	310,900	SH		SOLE		310,900	0	0
MACQUARIE INFRASTRUCTURECO LLC	COMMON STOCK	55608b105	6,390	89,884	SH		SOLE		89,884	0	0
MADDEN STEVEN LTD	COMMON STOCK	556269108	4,606	144,708	SH		SOLE		144,708	0	0
MADISON CVRED CALL &EQSTR FD C	COMMON STOCK	557437100	6,792	834,416	SH		SOLE		834,416	0	0
MAGELLAN HEALTH INC	COMMON STOCK	559079207	5,180	86,289	SH		SOLE		86,289	0	0
MCG CAPITAL CORP	COMMON STOCK	58047p107	4,671	1,219,534	SH		SOLE		1,219,534	0	0
MESA LABORATORIES INCCOM NPV I	COMMON STOCK	59064r109	1,922	24,856	SH		SOLE		24,856	0	0
MICROFINANCIAL INC COM ISIN#US	COMMON STOCK	595072109	2,206	216,128	SH		SOLE		216,128	0	0
MICROSOFT CORP	COMMON STOCK	594918104	4,059	87,386	SH		SOLE		87,386	0	0
MOCON INC	COMMON STOCK	607494101	3,917	218,950	SH		SOLE		218,950	0	0
MONOTYPE IMAGING HLDGSINC	COMMON STOCK	61022p100	7,562	262,298	SH		SOLE		262,298	0	0
MVC CAPITAL INC COM ISIN#US553	COMMON STOCK	553829102	7,185	730,941	SH		SOLE		730,941	0	0
NATHANS FAMOUS INC	COMMON STOCK	632347100	2,416	30,200	SH		SOLE		30,200	0	0
NATURAL GAS SERVICE GP	COMMON STOCK	63886q109	9,904	429,874	SH		SOLE		429,874	0	0
NAUTILUS INC	COMMON STOCK	63910b102	15,091	994,127	SH		SOLE		994,127	0	0
NCR CORP	COMMON STOCK	62886e108	1,982	68,024	SH		SOLE		68,024	0	0
NEUBERGER BERMAN RE ESSEC FD C	COMMON STOCK	64190a103	4,366	825,365	SH		SOLE		825,365	0	0
NOVARTIS A G SPON ADR F SPONSO	COMMON STOCK	66987v109	2,691	29,038	SH		SOLE		29,038	0	0
NUVEEN BUILD AMER BD FDCOM	COMMON STOCK	67074c103	7,607	359,160	SH		SOLE		359,160	0	0
NUVEEN INTER DURATIONMUN TERM	COMMON STOCK	670671106	3,082	246,575	SH		SOLE		246,575	0	0
NUVEEN MTG OPPORTUNITYTERM FD	COMMON STOCK	670735109	5,494	237,304	SH		SOLE		237,304	0	0
NUVEEN PFD & INCOME TERMFD COM	COMMON STOCK	67075a106	4,852	216,133	SH		SOLE		216,133	0	0
OTTER TAIL CORP FORMERLYOTTER	COMMON STOCK	689648103	3,809	123,026	SH		SOLE		123,026	0	0
PERFORMANCE SPORTS GROUP LTD	COMMON STOCK	71377G100	3,328	185,000	SH		SOLE		185,000	0	0
PHOTRONICS INC COM ISIN#US7194	COMMON STOCK	719405102	5,427	653,064	SH		SOLE		653,064	0	0
PROCTER & GAMBLE	COMMON STOCK	742718109	4,290	47,093	SH		SOLE		47,093	0	0
PSYCHEMEDICS CORP COMNEW ISIN#	COMMON STOCK	744375205	2,932	193,500	SH		SOLE		193,500	0	0
PUTNAM PREMIER INCOMETR SH BEN	COMMON STOCK	746853100	4,837	921,287	SH		SOLE		921,287	0	0
PZENA INVT MGMT INC CLA	COMMON STOCK	74731q103	15,691	1,658,667	SH		SOLE		1,658,667	0	0
REDWOOD TRUST INC	COMMON STOCK	758075402	4,337	220,175	SH		SOLE		220,175	0	0
REIS INC COM ISIN#US75936P1057	COMMON STOCK	75936p105	6,268	239,515	SH		SOLE		239,515	0	0
REPUBLIC SERVICES INCCOM	COMMON STOCK	760759100	2,883	71,638	SH		SOLE		71,638	0	0
RIGNET INC COM	COMMON STOCK	766582100	3,604	87,830	SH		SOLE		87,830	0	0
ROUSE PPTYS INC COM	COMMON STOCK	779287101	8,497	458,779	SH		SOLE		458,779	0	0
ROYCE GLOBAL VALUE TRINC COM I	COMMON STOCK	78081t104	663	82,507	SH		SOLE		82,507	0	0
ROYCE MICRO-CAP TR INCCOM ISIN	COMMON STOCK	780915104	838	83,094	SH		SOLE		83,094	0	0
ROYCE VALUE TR INC COM ISIN#US	COMMON STOCK	780910105	2,167	151,249	SH		SOLE		151,249	0	0
SALEM COMMUNICATIONS CORP.	COMMON STOCK	794093104	3,599	460,270	SH		SOLE		460,270	0	0
SCRIPPS E W CO OHIO CLA NEW	COMMON STOCK	811054402	7,156	320,167	SH		SOLE		320,167	0	0
SHILOH INDUSTRIES INC	COMMON STOCK	824543102	2,588	164,500	SH		SOLE		164,500	0	0
SILVERCREST ASSET MGMTGROUP I	COMMON STOCK	828359109	3,457	220,900	SH		SOLE		220,900	0	0
SIMULATIONS PLUS INC COM ISIN#	COMMON STOCK	829214105	4,514	675,763	SH		SOLE		675,763	0	0
SOLAR CAPITAL LTD	COMMON STOCK	83413u100	3,722	206,655	SH		SOLE		206,655	0	0
SP PLUS CORP COM	COMMON STOCK	78469c103	6,349	251,651	SH		SOLE		251,651	0	0
SPOK HLDGS INC COM ISIN#US8486	COMMON STOCK	84863t106	10,410	599,637	SH		SOLE		599,637	0	0
STONECASTLE FINANCIAL CORPORAT	COMMON STOCK	861780104	1,739	89,326	SH		SOLE		89,326	0	0
SUPERIOR UNIFORM GROUP	COMMON STOCK	868358102	749	25,500	SH		SOLE		25,500	0	0
SUPREME INDUSTRIES INC.	COMMON STOCK	868607102	2,852	404,035	SH		SOLE		404,035	0	0
SYNERON MEDICAL LTD ORDSHS ISI	COMMON STOCK	m87245102	4,500	482,302	SH		SOLE		482,302	0	0
SYNTEL INC	COMMON STOCK	87162h103	4,315	95,929	SH		SOLE		95,929	0	0
TANDY LEATHER FACTORY INC	COMMON STOCK	87538X105	1,765	196,210	SH		SOLE		196,210	0	0
TARGET CORP COM ISIN#US87612E1	COMMON STOCK	87612e106	4,408	58,064	SH		SOLE		58,064	0	0
TECHTARGET INC COM ISIN#US8787	COMMON STOCK	87874r100	11,238	988,405	SH		SOLE		988,405	0	0
TGC INDS INC COM NEW ISIN#US87	COMMON STOCK	872417308	684	316,768	SH		SOLE		316,768	0	0
THESTREET INC	COMMON STOCK	88368q103	4,161	1,748,320	SH		SOLE		1,748,320	0	0
TRANSCAT INC	COMMON STOCK	893529107	746	73,000	SH		SOLE		73,000	0	0
TRUEBLUE INC	COMMON STOCK	89785x101	6,158	276,753	SH		SOLE		276,753	0	0
U S PHYSICAL THERAPYINC	COMMON STOCK	90337l108	9,137	217,755	SH		SOLE		217,755	0	0
UFP TECH INC	COMMON STOCK	902673102	2,449	99,600	SH		SOLE		99,600	0	0
UNITED FINL BANCORP INCNEW COM	COMMON STOCK	910304104	8,849	616,245	SH		SOLE		616,245	0	0
UNITED TECHNOLOGIES CORP	COMMON STOCK	913017109	2,439	21,213	SH		SOLE		21,213	0	0
UROPLASTY INC COMNEW	COMMON STOCK	917277204	1,071	520,000	SH		SOLE		520,000	0	0
USG CORP COM NEW	COMMON STOCK	903293405	2,588	92,454	SH		SOLE		92,454	0	0
VANGUARD INDEX FDS VANGUARDGRO	COMMON STOCK	922908736	375	3,597	SH		SOLE		3,597	0	0
VERIZON COMMUNICATIONS	COMMON STOCK	92343v104	2,066	44,173	SH		SOLE		44,173	0	0
WASTE MANAGEMENT INC	COMMON STOCK	94106l109	3,607	70,284	SH		SOLE		70,284	0	0
WEST MARINE INC	COMMON STOCK	954235107	2,203	170,500	SH		SOLE		170,500	0	0
WESTWOOD HOLDINGS GROUP	COMMON STOCK	961765104	8,017	129,680	SH		SOLE		129,680	0	0
ZIX CORPORATION	COMMON STOCK	98974P100	2,161	600,217	SH		SOLE		600,217	0	0